Weber, a leading outdoor grilling brand, filed on Monday with the SEC to raise up to $100 million. However, the deal size is likely a placeholder for an IPO that we estimate could raise $1 billion.
Weber states that it is the leading outdoor cooking company, with a 20%+ share of the US and global global outdoor cooking markets in 2020. The company's product portfolio includes traditional charcoal grills, gas grills, smokers, pellet and electric grills, and recently its Weber Connect technology-enabled grills. Weber is the leader in the largest markets in outdoor cooking, and beyond these markets, estimates that it has either the number one or number two brand position in each of the key geographies it serves.
The Palatine, IL-based company was founded in 1893 and booked $1.9 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol WEBR. Weber filed confidentially on May 10, 2021. Goldman Sachs, BofA Securities, J.P. Morgan, BMO Capital Markets, Citi, UBS Investment Bank, Wells Fargo Securities, and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
